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In Illinois, holding title to a home in the form of tenancy by the entirety is a way for married couples to protect their homestead from creditors, and help ensure a smooth estate transition during a difficult time.
General warranty deeds give the grantee the most protection, special warranty deeds give the grantee more limited protection, and a quitclaim deed gives the grantee the least protection under the law.
All counties in Illinois now have flat / fixed pricing to record the deed. Amounts vary from $54 to $98 depending on the county.
If the wifes name is not on the deed, it doesnt matter. Its still marital property because it was bought during the marriage. This makes it marital property and is still split between both parties. The wife is entitled to receive either equal share or equitable share of the house.
Tenant by the Entirety in Illinois This is a form of ownership specifically created for spouses. In Illinois, spouses have the option of owning property by the entirety, which functions like a joint tenancy in that the surviving spouse will immediately take ownership of the property on the death of the other spouse.
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Before you file the deed, get a tax stamp from the local municipality where the property is located. When youre ready to file the deed, bring it to the County Recorder of Deeds, where they will stamp and file the deed. Youll have to pay a fee for recording, or filing, the deed.
The General Warranty Deed A general warranty deed provides the highest level of protection for the buyer because it includes docHub covenants or warranties conveyed by the grantor to the grantee.
The buyer, or grantee, of a property benefits the most from obtaining a warranty deed. Through the recording of a warranty deed, the seller is providing assurances to the buyer should anything unexpected happen.
The buyer, or grantee, of a property benefits the most from obtaining a warranty deed. Through the recording of a warranty deed, the seller is providing assurances to the buyer should anything unexpected happen.
A Warranty Deed is the best of the best. It protects you from all future and past issues with property title and any outstanding debts or liens.

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